For most government agencies, the payment experience isn’t seamless for citizens nor staff. Having to navigate and manage multiple required steps, systems, payment methods or types to complete a simple payment can be frustrating.
Obstacle inside of the citizen payment experience include:
→ Payment notices delivered in an outdated method (often by mail).
→ Forced to commute or mail a check to complete payment.
→ Online flows involve rerouting to another agency’s or third-party site.
Behind the scenes, processing and reporting challenges include:
→ Finance teams losing valuable time to reconciling payments from multiple payment methods and systems.
→ Errors and lack of clarity on citizen payment history and stored information.
→ Staff still managing payments by phone and in person.
Consolidating all processes into a single, streamlined payments and engagement platform can help your agency:
Digitize payment requests.
- Only 5% of citizens say they still want to pay bills with a check.
- Only 43% of citizens say they want to receive government bills via mail.
Through a streamlined payments and engagement platform, it’s easy to digitize both payment notices and payment methods to options that work for today’s modern consumer.
Get paid faster.
- 35% of citizens say the delivery method of their government bill directly impacts how fast they pay their bills.
- Nearly 30% of citizens say they would pay their bills faster if they received their payment invoices or payment reminders digitally.
Through a united platform, your agency can get paid faster. Offering instant billing delivery and online payment options lets residents access bills information 24/7 and make payments in real time.
Save more time on the backend.
- Finance teams typically spend 30% of their time on manual reconciliation.
- 60% of finance teams still rely on manual reconciliation.
Through a consolidated platform, your finance team can save time with automatic reconciliation. Plus, with payments connected to your back-office systems, the risk of manual data entry errors (which are prevalent when humans are entering—or reentering—information, especially for reconciliation tasks) is reduced.
Get more accurate reporting.
- 40% of a financial analyst’s time is spent gathering data, not analyzing it.
- For every 5 manual entries, at least 2 contain an error.
Through a modern payments and engagement platform, reconciliation is automatic, reducing the time spent gathering data and manually entering that data into daily, weekly, monthly, quarterly, and annual reports. Reporting becomes a faster, more accurate task instead of a weekly drain on internal resources.
Consolidate your billing, payment, and reporting system and improve your overall payment experience with CORE.
- https://ntctexas.com/new-study-reveals-83-of-consumers-want-to-pay-bills-online
- https://www.usbank.com/financialiq/improve-your-operations/manage-payments/government-billing-survey.html
- https://www.usbank.com/dam/financialiq/documents/govt-report-2020-usb-5-28.pdf
- https://www.usbank.com/dam/financialiq/documents/govt-report-2020-usb-5-28.pdf
- https://www.simplus.com/costs-manual-reconciliation/
- https://www.teampay.co/insights/problems-with-manual-reconciliation/
- https://www.simplus.com/costs-manual-reconciliation/
- https://nanonets.com/blog/manual-data-entry/
